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Ocwen Affiliate Discontinuing Force-Placed Insurance

Altisource Portfolio Cites Uncertainties With Industrywide Litigation

By

James Sterngold

Updated Nov. 12, 2014 5:23 p.m. ET

Altisource Portfolio Solutions S.A., an affiliate of the mortgage servicer Ocwen Financial Corp., said that it is pulling out of its business providing home insurance to mortgage borrowers whose coverage has lapsed.

The company’s stock dropped 17% Wednesday, to $60.50, and is down 62% for the year.